Income Tax is a simple way of contributing money you earned to government for development of your country, any development that happens, any salaries given to the security professionals and anything done for your welfare by the government is done using this money, so its very important to understand that filling income tax return benefits you and your country in all manners.
Now filling income tax return could seem to be an awful JOB, but lets make it more easy for you to file and do this thing right away from your home.
Less than a week to go till 31st July - which occurs to be the last day to submit IT Return. If you have not submitted your IT Return yet, there's no need to panic, get yourself ready and lets go with it.
While it is compulsory according to law to eFile Income Tax Return for income more then Rs.5 lac p.a., even those with an income of less than Rs.5 lac p.a. ought to accept e-filing due to the fact of benefits it provides.
To assist you e-file your return efficiently, we bring you this tutorial that describes the procedure of filing tax return in basic steps.
Simple Steps to eFile Income Tax Return Online in India
The procedure can be generally divided into following steps:
#1: Prepare your Documents
#2: Choose Correct & Appropriate ITR Form
#3: Filling the Form & Sending it Online
#4: Downloading Acknowledgement Form & Sending to IT Department
Let's now take a look at the above mentioned steps in full detail:
#1. Prepare your Documents
- Form 16: This is a certification your company provides you. It has the information of your wage, TDS deducted and deposited by the company.
- Form 26AS: This is the tax credit statement that provides you with information of all the taxes that have actually been deducted against your PAN Card and taxes you deposited yourself. Download Form26AS from the Income Tax Site (you need to login or register to download the form).
- Interest & Principal Repayments: Took a Home Loan, take a look at the information of your payments against interest and principal made throughout the financial year. The Interest quantity can be included in Income from Property Section to claim reduction.
- Bank Statements: Download your bank statements from your bank's site. You will certainly require this to input any interest that has actually been credited to your savings account and information of income from Fixed Deposits, if any.
- Share Trading Information: You'll need to supply long-term & short-term capital gains from share/mutual fund trading. The majority of the trading websites offer the capital gains statement to their clients. Check onto your site for the statement download link.
- Investments for Section 80 Reductions: If you have not provided all your 80C reductions to your company, acquire all the information you have. These include Your PPF passbook, LIC insurance coverage premiums information, kids' school costs & Area 80G invoices et all. You can claim an optimum of Rs. 1,00,000 under Area 80 C.
These are pretty much all the documents that you will require, now you have to choose the correct ITR Form.
#2. Choose Correct & Appropriate ITR Form
For normal citizens, there are 5 various kinds of ITR forms as listed below:
Now to download the appropriate form, you can visit this site and grab the form you would like to use.
#3. Filling the Form & Sending it Online
While submitting return through Income Tax site is totally free, the user interface is fairly complexed for a layman to comprehend. This is where e-filing websites like ClearTax can be an aid. I Personally utilized ClearTax to submit my return this year, and their basic UI and trouble totally free appearance made it a really uncomplicated experience. You do not even need to fret about selecting the right ITR form, as the portal immediately picks the right form for you based upon the inputs you offer. Nor do you need to fret if you do not have your Form 16 in pdf- they have an extremely user-friendly format, so you can fill out the fields yourself. And the icing on the cake is that it is FREE!
Right here's a really simple to follow Overview of E-filing at ClearTax genuinely eliminating the misconception around difficult e-filing procedures that includes pages & pages of ITR forms.
#4. Downloading Acknowledgement Form & Sending to IT Department
After you full e-filing, you will certainly get your ITR-V form over e-mail. Print this file and mail it to the following address within 120 days of e-filing your IT Return. Below is the address mentioned, send your form this address.
Post Bag No. 1, Electronic City Post Workplace, Bengaluru, Karnataka 560100.
Remember you do not need to send supporting files to the IT department. Nevertheless, keep those securely with yourself, in case the earnings authorities carry out any audit of the income tax return submitted.
Take time for submitting your returns, refunds if any are just processed when you submit your returns besides non-filing brings in charges too.